Company Registration No. 08471474 (England and Wales)
HOP STUFF BREWERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
HOP STUFF BREWERY LIMITED
COMPANY INFORMATION
Directors
N Yeomans
E Yeomans
Company number
08471474
Registered office
Unit 7 Gunnery Terrace
Cornwallis Road
London
SE18 6SW
Accountants
Simpson Wreford LLP
Wellesley House
Duke of Wellington Avenue
Royal Arsenal
London
SE18 6SS
HOP STUFF BREWERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
HOP STUFF BREWERY LIMITED
BALANCE SHEET
AS AT 30 APRIL 2017
30 April 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,775
57,559
Investments
4
100
25
68,875
57,584
Current assets
Stocks
48,204
42,969
Debtors
5
312,408
58,976
Cash at bank and in hand
128,947
90
489,559
102,035
Creditors: amounts falling due within one year
6
(169,366)
(186,766)
Net current assets/(liabilities)
320,193
(84,731)
Total assets less current liabilities
389,068
(27,147)
Creditors: amounts falling due after more than one year
7
(9,769)
(20,667)
Net assets/(liabilities)
379,299
(47,814)
Capital and reserves
Called up share capital
8
188
166
Share premium account
773,530
63,054
Profit and loss reserves
(394,419)
(111,034)
Total equity
379,299
(47,814)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 March 2018 and are signed on its behalf by:
N Yeomans
Director
Company Registration No. 08471474
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 2 -
1
Accounting policies
Company information
Hop Stuff Brewery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 7 Gunnery Terrace, Cornwallis Road, London, SE18 6SW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of Hop Stuff Brewery Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
Hop Stuff Brewery Limited is the parent of a wholly owned subsidiary Yeomans Pubs and Bars Ltd, the registered office of which is Unit 7 Gunnery Terrace, Cornwallis Road, London, SE18 6SW.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party
transactions with wholly owned subsidiaries within the group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
. Turnover is recognised when the goods are physically delivered to the customer.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10 years straight line
Fixtures, fittings & equipment
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2016 - 6).
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 May 2016
70,441
6,721
77,162
Additions
17,561
4,539
22,100
At 30 April 2017
88,002
11,260
99,262
Depreciation and impairment
At 1 May 2016
16,675
2,928
19,603
Depreciation charged in the year
8,800
2,084
10,884
At 30 April 2017
25,475
5,012
30,487
Carrying amount
At 30 April 2017
62,527
6,248
68,775
At 30 April 2016
53,766
3,793
57,559
4
Fixed asset investments
2017
2016
£
£
Investments
100
25
On the 9th November 2016 Hop Stuff Brewery Ltd acquired a further 75 ordinary shares in Yeomans Pubs and Bars Ltd, making the company a wholly owned subsidiary.
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2016
25
Additions
75
At 30 April 2017
100
Carrying amount
At 30 April 2017
100
At 30 April 2016
25
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
50,399
46,337
Amounts owed by group undertakings
21,886
-
Other debtors
235,563
6,000
Prepayments and accrued income
4,560
6,639
312,408
58,976
6
Creditors: amounts falling due within one year
2017
2016
Notes
£
£
Bank loans and overdrafts
11,690
22,435
Obligations under finance leases
1,157
1,157
Trade creditors
66,064
36,639
Other taxation and social security
37,405
22,253
Other creditors
32,675
83,705
Accruals and deferred income
20,375
20,577
169,366
186,766
Other creditors includes £27,178 (2016 £45,141) owed to Lloyds Bank Commercial Finance Ltd in regards to invoice factoring. This is secured by a fixed and floating charge over the assets of the company.
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
6,974
16,715
Other creditors
2,795
3,952
9,769
20,667
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
17,143,052 'A' ordinary shares of £0.00001 each
171
158
1,729,131 'B' investment shares of £0.00001 each
17
8
188
166
On 11 January 2017 the 'A' ordinary shares of £0.01 each and the 'B' investment shares of £0.01 each in the company were subdivided into shares of £0.00001 each in the capital of the Company.
Following the subdivision, the company issued a further 1,308,052 £0.00001 'A' ordinary shares for cash consideration of £438,067 and a further 916,131 £0.00001 B Investment shares for cash consideration of £306,812.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
45,957
79,283
HOP STUFF BREWERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
10
Directors' transactions
The following amounts were outstanding at the reporting end date:
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
N Yeomans -
-
-
7,577
7,577
E Yeomans -
-
-
7,578
7,578
-
15,155
15,155
The loans have been repaid shortly after the reporting date.
2017-04-30
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